Before we get into the nitigrities of how a personal loan calculator can help you in various ways, let’s get to know about the variants of personal loan calculator. It is of two different types. First being the personal loan EMI calculator and the second being personal loan eligibility calculator. Similarity in both of them is that they both determine the EMI you’ll be paying. And the main difference is that – the eligibility calculator also shows how much loan you’re eligible for, weheras, EMI calculator only shows the EMI. Let’s discuss how can the personal loan calculator help you:
Easy to Use: This calculator is very to use just like the regular calculator. All you have to do is enter a few details and within milliseconds you’ll have everything on your screen. Trust us, it’s no rocket science. It’s designed for the common man.
Saves Time: In our busy lives, who wants to do one more complex calculation? This is where Canara Bank Personal loan EMI calculator helps. Calculating the compound interest over a period can be quite complex. Also, EMI calculation is a tough nut to crack. But with this calculator it’s all easy and saves so much of your time.
Exact Calculation: Using this EMI calculator, you’ll have better clarity on how much monthly outgo of funds will happen from your income, how much interest you’ll be paying over the years and your tenure period to service the loan.
Comparison: Based on the result derived from the EMI calculator, you can compare the loan offers provided by other banks without any hassle.
Planning: Personal Loan EMIs just affect 10% to 20% of your monthly income. Knowing the EMI payments you’ll be making helps you plan out your month better. Now you know what spends to cut on and what expenses are first priority. Also, it helps you manage your other loans or credit cards better by giving you the clear figure.
Adjustable: The EMI calculator is highly adjustable. You can adjust it however you like it. There is no restriction as to what interest rate you should choose or the repayment tenure. Adjust it in such a way that it fits you well.
Negotiation Power: When you’ve clarity about your calculation, you can easily negotiate with banks and Non-Banking Financial Institutions (NBFCs) on interest rate or loan amount or tenure period.
How to Use the Personal Loan Eligibility Calculator?
As stated earlier, personal loan EMI calculator is very different from a personal loan eligibility calculator. In the EMI calculator, all you have to do is enter three details (Interest rate, Loan Tenure and Loan Amount) and the EMI result is right on your screen in a matter of few milliseconds. On the contrary, there are quite a number of details that you should be entering in the personal loan eligibility calculator. These details include your net monthly income, existing or new customer of the bank, PAN Card Number,, interest rate and tenure of the loan. Hit Enter – your EMI details along with the loan you’re eligibility will be on your screen in a matter of few seconds You can use the personal loan eligibility calculator either on the website of the lenders or on the websites of some financial technology companies.